SL Green Closes Out 2021 With 549K SF in Leases in Q4

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SL Green Realty Corp. finished 2021 by signing 548,500 square feet of leases in the fourth quarter, bringing the year’s total to 1.9 million square feet, the firm announced Wednesday.

Three of the firm’s biggest leases signed in the waning days of the year boosted their numbers with Cipher Mining signing a five-year lease for 6,454 square feet at One Vanderbilt and Northeast Series of Lockton Companies agreeing to a term of 10 years for 81,693 square feet at 1185 Avenue of the Americas. (Lockton expanded in the building by 39,101 square feet with the entire 21st floor and part of the 19th floor.)

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SL Green also closed a deal with Tennor Holding B.V. in January 2022. The tenant took a 10-year lease with 25,488-square-foot at One Vanderbilt. Cipher and Lockton were signed in December 2021, according to SL Green. 

The firm said its 2021 numbers exceed its expectation of 1.3 million square feet.

“We enjoyed notable leasing velocity throughout our portfolio during the fourth quarter which is indicative of New York City’s ongoing recovery,” Steven Durels, executive vice president at SL Green, said in a statement.

CBRE‘s Robert Alexander, Ryan Alexander, Emily Chabrier and Alex D’Amario represented SL Green in the three big leases.

Lewis Miller, Cara Chayet, Arkady Smolyansky and Jacob Rosenthal of CBRE represented Tennor, a global investment firm founded in 2009 with offices in London, Zurich, Berlin and Amsterdam, in its deal with an asking rent of $215 per square foot. In the deal for Cipher, a Houston-based Bitcoin mining company founded in 2021, David Carlos of Savills represented the tenant and the asking rent was $250 per square foot.

Don Preate of JLL represented Lockton, a privately owned insurance brokerage firm, in the tenant’s deal. Asking rent was $78 per square foot.

Spokespeople for CBRE, JLL and Savills did not immediately respond to requests for comment.

But while SL Green is Manhattan’s biggest commercial landlord, its gains over the last year may be eclipsed on a national level by Boston Properties, which saw approximately 5.1 million square feet of leases in all of 2021, with 1.8 million square feet in the fourth quarter alone.

Mark Hallum can be reached at mhallum@commercialobserver.com.